INTERIM MEASURES ON THE ADMINISTRATION OF DOMESTIC SECURITIES INVESTMENT BY QUALIFIED FOREIGN INSTITUTIONAL INVESTORS

2002110520021201The China Securities Regulatory Commission, the People’s Bank of ChinaDecree of the China Securities Regulatory Commission (CSRC) and the People’s Bank of China (PBC)No.12The Interim Measures on the Administration of Domestic Securities Investment by Qualified Foreign Institutional Investors is hereby
promulgated and will enter into force as of December 1, 2002.CSRC Chairman Zhou XiaochuanPBC Governor Dai XianglongNovember 5, 2002epdf/e02916.pdfI, Hforeign institution, investor, securities investment, qualification, custody, registration, clearance, settlement, capital, funde02916Interim Measures on the Administration of Domestic Securities Investment by Qualified Foreign Institutional InvestorsChapter I General ProvisionsArticle 1 Pursuant to relevant laws and administrative regulations, the Measures is enacted in order to regulate the investment activities of
qualified foreign institutional investors in the securities market within the PRC customs territory, and to promote the development
of China’s securities market.Article 2 Qualified foreign institutional investors (hereinafter referred to as QFIIs) stated in the Measures refer to fund management institutions,
insurance companies, securities companies and other assets management institutions outside the PRC customs territory which meet the
qualifications stipulated in the Measures, and have been approved by the China Securities Regulatory Commission (hereinafter referred
to as the CSRC) to invest in China’s securities market and granted investment quotas by the State Administration of Foreign Exchange
(hereinafter referred to as the SAFE).Article 3 QFIIs shall mandate domestic commercial banks as custodians to manage assets, and shall entrust domestic securities companies to handle
securities trading activities within the PRC customs territory.Article 4 QFIIs shall comply with laws, regulations and other relevant rules of the PRC.Article 5 The CSRC and the SAFE shall, in accordance with laws, supervise and govern the securities investment activities by the QFIIs within
the PRC customs territory.Chapter II Qualifications and Approval ProceduresArticle 6 In order to qualify as a QFII, an applicant shall meet the following requirements:1.The applicant is financially stable and of good credit, meet the asset size and other requirements set by the CSRC; and has a risk
control index that complies with the law of, and the requirements of the securities regulatory institutions in the country or region
of its domicile;2.Employees of the applicant shall meet relevant professional qualification requirements of the country or region of its domicile;3.The applicant has a solid corporate governance structure and well defined internal control system, conducts business in accordance
with relevant regulations, and has not been subject to any serious penalties by regulators in the country or region of its domicile
during the most recent three years;4.The country/region where the applicant domiciles shall have a sound legal and regulatory system, and the securities regulator of such
country or region has signed a Memorandum of Cooperation and Understanding and maintains an effective co-operative relationship in
supervision with the CSRC; and5.Any other requirements prescribed by the CSRC based on prudential regulatory principles.Article 7 The asset size requirements and other requirements in the preceding article are: Fund management institutions: minimum five years
experience in funds business and no less than US$10 billion assets under management in the most recent fiscal year; Insurance companies:
minimum 30 years experience in insurance business, no less than US$1 billion in paid-up capital, and no less than US$10 billion securities
assets under management in the most recent fiscal year; Securities companies: minimum 30 years experience in securities business,
no less than US$1 billion in paid-up capital, and no less than US$10 billion securities assets under management in the most recent
fiscal year; Commercial banks: ranking in the top 100 globally in terms of total assets, no less than US$10 billion securities assets
under management in the most recent fiscal year. The CSRC may adjust the aforementioned asset size and other requirements according
to the development of securities market.Article 8 In order to apply for qualification as a QFII and for approval of investment quota, the applicant shall , through its custodian, submit
the following documents to the CSRC and the SAFE respectively:1.A written application (including the applicant’s basic information, investment quota applied for and investment plan, etc.);2.Documents certifying compliance with the requirements prescribed in Article 6 of the Measures;3.A draft of custodianship agreement signed with the custodian;4.Audited financial statements for the most recent three years;5.A statement on the source of funds and a commitment letter of no repatriation of investment during the approval period;6.A letter of authorization from the applicant; and7.Other documents required by the CSRC and the SAFE. If the above documents are prepared in a foreign language, a Chinese translation
or a Chinese summary shall be attached.Article 9 The CSRC shall decide whether to approve or not to approve the application within fifteen working days after receipt of the complete
set of application documents. A securities investment license shall be granted to the applicant that is approved; a written notification
shall be sent to the applicant that is not approved.Article 10 Upon receipt of the securities investment license, the applicant shall apply through its custodian to the SAFE for the investment
quota. The SAFE shall decide whether to approve or not to approve the application within fifteen working days after receipt of the
complete set of application documents. If approved, the SAFE will send the applicant a written notice of the approved investment
quota and issue to the applicant a foreign exchange registration certificate; if not, the applicant will be sent a written notification.
The securities investment license shall automatically become invalid if the applicant fails to obtain the foreign exchange registration
certificate within one year after it has obtained the securities investment license.Article 11 To encourage long- and medium-term investment, priority shall be given to China’s closed-end funds that meet the requirements set
forth in Article 6 of the Measures, or pension funds, insurance funds, and mutual funds that have solid track records of investment
in other markets.Chapter III Custody, Registration and ClearanceArticle 12 A custodian shall meet the following requirements:1.Having a dedicated custody department;2.Having no less than RMB 8 billion in paid-up capital;3.Having sufficient professionals who are familiar with custodial business;4.Having facilities for safekeeping all fund assets;5.Having secure and efficient delivery and trading capabilities;6.Being qualified as a designated foreign exchange bank and for conducting RMB business;7.Having no record of severe violation of foreign exchange administrative rules in the most recent three years. Local branches of foreign-funded
commercial banks that have continuously operated for more than three years may apply for acting as a custodian, with its paid-in
capital calculated with reference to its offshore head office.Article 13 Qualification as a custodian must be examined and approved by the CSRC, the People’s Bank of China (hereinafter referred to as the
PBC) and the SAFE.Article 14 A domestic commercial bank shall submit the following documents to the CSRC, the PBC and the SAFE for custodian license approval:1.A letter of application;2.A copy of its financial business license;3.The management system for its custody business;4.Documents certifying that it has an efficient and high-speed information technology system; and5.Other documents required by the CSRC, the PBC and the SAFE. The CSRC, in consultation with the PBC and the SAFE, shall review the
application and decide whether to approve it or not.Article 15 A custodian shall perform the following responsibilities:1.Safekeeping all assets entrusted by a QFII;2.Handling foreign exchange sale, purchase, receipt and payment, and Renminbi clearance business for the QFII;3.Monitoring the investment activities of the QFII, and reporting in time to the CSRC and the SAFE in case its investment instructions
are found to have violated laws or regulations;4.Reporting to the SAFE the QFII’s inward/outward remittance of investment principal or proceeds and foreign exchange sale and purchase
within two working days after the remittance is made;5.Reporting to the CSRC and the SAFE on the receipt and payment to and from the QFII’s special Renminbi account within five working
days following the end of each month;6.Preparing an annual financial report on the domestic securities investment of the QFII for the previous year and submitting the same
to the CSRC and the SAFE within three months following the end of each fiscal year;7.Preserving materials related to the QFII’s inward/outward remittance, foreign exchange conversion, foreign exchange receipt and payment,
and fund movement records for no less than fifteen years;8.Other responsibilities stipulated by the CSRC, the PBC and the SAFE according to the principles of prudential supervision.Article 16 A custodian shall strictly segregate its self-owned assets from the assets that is entrusted to manage. A custodian shall keep separate
accounts for each QFII and manage those accounts separately. Each QFII shall entrust only one custodian.Article 17 A QFII shall entrust the custodian to apply on its behalf for the opening of a securities account at a securities registration and
settlement institution. The custodian shall submit the letter of authorization from the QFII and its securities investment business
license for account opening and shall file relevant information with the CSRC for record within five working days after the opening
of such securities account. The QFII shall entrust the custodian to open an RMB funds settlement account at the securities registration
and settlement institution to settle funds with this institution. The custodian shall be responsible for funds settlement of the
QFII’s domestic securities investment, and file relevant information with the CSRC and the SAFE for record within five working days
after the opening of such RMB account.Chapter IV Investment OperationArticle 18 A QFII may invest in the following RMB denominated financial instruments within its approved investment quota:1.Stocks listed and traded on stock exchanges, except for Domestically Listed Foreign Currency Shares (B shares);2.Government bonds listed and traded on stock exchanges;3.Convertible bonds and corporate bonds listed and traded on stock exchanges;4.Other financial instruments approved by the CSRC.Article 19 A QFII may entrust a domestically registered securities company to manage its domestic securities investment. Each QFII shall entrust
only one securities company.Article 20 A QFII shall comply with the following rules for its domestic securities investment :1.An individual QFII shall invest no more than 10 percent of the total amount of shares of a single listed company;2.The total shares held by all QFIIs in a single listed company shall be no more than 20 percent of the total amount of shares of the
company. The CSRC may adjust the above percentages according to the development of securities market.Article 21 A QFII’s domestic securities investment shall be in compliance with the Foreign Investment Industry Guideline.Article 22 The securities company shall keep such materials as the records of consummated transactions and transaction activities of a QFII for
no less than fifteen years.Chapter V Funds ManagementArticle 23 With the approval of the SAFE, a QFII shall open a special Renminbi account at the custodian’s place of business. The custodian shall
report relevant information to the CSRC and the SAFE for record within five business days after the opening of the special Renminbi
account.Article 24 The receipts of the special Renminbi account shall include: funds from sale of foreign exchange (foreign exchange coming from overseas
with the accumulative amount of such sale not exceeding the approved investment quota), proceeds from sale of securities, cash dividends,
interest on current deposits, and interest on bonds. Payments of the special Renminbi account shall include: funds to purchase securities
(including stamp duty, processing fees, etc.), domestic custodian and management fees, and funds to purchase foreign exchange (for
outward remittance of investment principal and returns). Funds in the special Renminbi account shall not be used as loans or as collateral.Article 25 A QFII shall make inward remittance of principal within three months after obtaining from the CSRC the securities investment license,
and the principal shall be directly deposited in the special Renminbi account after conversion. The remitted principal by a QFII
shall be in any freely convertible currency approved by the SAFE; and the amount of such principal shall be limited to the investment
quota approved by the SAFE. If a QFII fails to remit in the full amount of its investment quota approved by the SAFE within three
months after obtaining the foreign exchange registration certificate, the actually remitted amount shall be regarded as the approved
investment quota. The gap between the originally approved investment quota and the actually remitted amount shall not be filled by
any new remittance until approval has been obtained for a new investment quota.Article 26 If a QFII is a China’s closed-end fund management institution, such QFII may, three years after the inward remittance of principal,
entrust its custodian to apply to the SAFE with required documentation for purchase of foreign exchange to remit principal abroad
by installments. Each installment shall not exceed twenty percent of the total investment principal, and the interval between two
successive installments shall not be less than one month. Other QFIIs may, one year after the inward remittance of principal, entrust
their custodians to apply to the SAFE with the required documentation for the purchase of foreign exchange to remit principal abroad
by installments. Each installment shall not exceed twenty percent of the total investment principal, and the interval between two
successive installments shall not be less than three months. The said QFII shall be the overseas recipient of the above-mentioned
outward remittance.Article 27 A QFII that has remitted in principal for more than three months but less than one year may, after submitting a transfer application
and a transfer agreement to the CSRC and the SAFE and obtaining their approval, transfer its investment quota to other QFIIs or other
applicants that qualify under Article 6 of the Measures. After obtaining the approval of investment quota from the SAFE and the
securities investment business license, the transferee may remit in the amount of principal to fill the gap between the approved
quota and the actually transferred assets if the transferred assets are less than the investment quota approved by the SAFE.Article 28 If a QFII needs to remit in new principal after it has remitted abroad a part or ?all of the principal, it shall apply for a new investment
quota.Article 29 If a QFII needs to purchase foreign exchange to remit abroad the realized aftertax profits for the previous fiscal year that have
been audited by a Chinese certified public accountant, it shall entrust its custodian to file an application with the SAFE fifteen
days prior to the proposed purchase by submitting the following documents:1.A written application for outward remittance;2.Annual financial statement for the year when the profits have been realized;3.An audit report issued by a Chinese certified public accountant;4.Resolution or other valid legal document on profit distribution;5.Tax payment certificate; and6.Other documents required by the SAFE. The said QFII shall be the overseas recipient of the above-mentioned outward remittance.Article 30 The SAFE may adjust the period for remittance of principal and realized profits by a QFII to meet the need of the State to balance
the receipt and payment of foreign exchange.Chapter VI Supervision and ManagementArticle 31 The CSRC and the SAFE shall conduct annual review of the securities investment license and foreign exchange registration certificate
held by a QFII.Article 32 The CSRC, the PEC and the SAFE may request QFIIs, custodians, securities companies, stock exchanges, and securities registration and
settlement institutions to provide materials and information related to the investment activities of QFIIs in China; and conduct
on-site inspection, if necessary.Article 33 Stock exchanges and the securities registration and settlement institutions may as required by circumstances formulate new operational
rules or modify existing operational rules with respect to the securities investment of QFIIs in China. Such rules shall be implemented
after obtaining approval from the CSRC.Article 34 A QFII shall report to the CSRC, the PBC and the SAFE for record within five working days in any of the following circumstances:1.Change of custodians;2.Change of legal representatives;3.Change of controlling shareholders;4.Adjustment of registered capital;5.Involvement in litigation or other major events;6.Severe penalty being subjected to outside PRC customs territory; and7.Other circumstances defined by the CSRC and the SAFE.Article 35 A QFII shall apply for a new securities investment license in any of the following cases:1.Change of its institutional name;2.Acquisition by or merger with other institution(s);3.Other circumstances defined by the CSRC and the SAFE.Article 36 A QFII shall surrender its securities investment license and foreign exchange registration certificate to the CSRC and the SAFE respectively
in any of the following cases:1.All principal has been remitted out;2.Investment quota has been transferred;3.The legal entity is proposed to be dissolved, has entered into bankruptcy procedures, or its assets have been taken over by a trustee;4.Other circumstances defined by the CSRC and the SAFE. The securities investment business license and the foreign exchange registration
certificate shall become invalid automatically if they fail to pass the annual review conducted in accordance with Article 31 of
the Measures. The QFII shall return the securities investment business license and the foreign exchange registration certificate
respectively as is stipulated in the aforesaid paragraph.Article 37 In accordance with their respective jurisdiction, the CSRC, the PBC and the SAFE shall give warning to or impose fine on any QFII,
custodian, securities company that has violated the Measures. The same violation, however, shall not be subject to two or more administrative
punishments.Chapter VII Supplementary ProvisionsArticle 38 The Measures shall also apply to institutional investors established in the Hong Kong Special Administrative Region, the Macao Special
Administrative Region and the Taiwan Region that engage in securities investment on the mainland.Article 39 The Measures shall enter into force as of December 1, 2002.

The China Securities Regulatory Commission, the People’s Bank of China
2002-11-05

AMENDMENTS TO THE CONSTITUTION OF THE PEOPLE’S REPUBLIC OF CHINA 2004

Amendments to the Constitution of the People’s Republic of China



	(Adopted at the Second Session of the Tenth National People’s Congress and promulgated for implementation by the Announcement of the National People’s Congress on March 14, 2004) Article 18 In the seventh paragraph of the Preamble to the Constitution, “under the leadership of the Communist Party of China and the guidance of Marxism-Leninism, Mao Zedong Thought and Deng Xiaoping Theory” is revised to read, “under the leadership of the Communist Party of China and the guidance of Marxism-Leninism, Mao Zedong Thought, Deng Xiaoping Theory and the important thought of Three Represents”; “along the road of building socialism with Chinese characteristics” is revised to read, “along the road of Chinese-style socialism”; and after “to modernize the country’s industry, agriculture, national defence and science and technology step by step” is added “and promote the coordinated development of the material, political and spiritual civilizations”. The whole paragraph is revised accordingly, which reads, “The victory in China’s New-Democratic Revolution and the successes in its socialist cause have been achieved by the Chinese people of all nationalities, under the leadership of the Communist Party of China and the guidance of Marxism-Leninism and Mao Zedong Thought, by upholding truth, correcting errors and surmounting numerous difficulties and hardships. China will be in the primary stage of socialism for a long time to come. The basic task of the nation is to concentrate its effort on socialist modernization along the road of Chinese-style socialism. Under the leadership of the Communist Party of China and the guidance of Marxism-Leninism, Mao Zedong Thought, Deng Xiaoping Theory and the important thought of Three Represents, the Chinese people of all nationalities will continue to adhere to the people’s democratic dictatorship and the socialist road, persevere in reform and opening to the outside world, steadily improve socialist institutions, develop the socialist market economy, develop socialist democracy, improve the socialist legal system and work hard and self-reliantly to modernize the country’s industry, agriculture, national defence and science and technology step by step and promote the coordinated development of the material, political and spiritual civilizations, to turn China into a socialist country that is prosperous, powerful, democratic and culturally advanced.” Article 19 The second sentence of the tenth paragraph of the Preamble to the Constitution, which reads, “In the long years of revolution and construction, there has been formed under the leadership of the Communist Party of China a broad patriotic united front which is composed of the democratic parties and people’s organizations and which embraces all socialist working people, all patriots who support socialism, and all patriots who stand for the reunification of the motherland. This united front will continue to be consolidated and developed”, is revised to read, “In the long years of revolution and construction, there has been formed under the leadership of the Communist Party of China a broad patriotic united front which is composed of the democratic parties and people’s organizations and which embraces all socialist working people, all builders of socialism, all patriots who support socialism, and all patriots who stand for the reunification of the motherland. This united front will continue to be consolidated and developed.” Article 20 The third paragraph of Article 10 of the Constitution, which reads, “The State may, in the public interest, requisition land for its use in accordance with the law”, is revised to read, “The State may, in the public interest and in accordance with law, expropriate or requisition land for its use and make compensation for the land expropriated or requisitioned.” Article 21 The second paragraph of Article 11 of the Constitution, which reads, “The State protects the lawful rights and interests of the non-public sectors of the economy such as the individual and private sectors of the economy, and exercises guidance, supervision and control over the individual and the private sectors of the economy”, is revised to read, “The State protects the lawful rights and interests of the non-public sectors of the economy such as the individual and private sectors of the economy. The State encourages, supports and guides the development of the non-public sectors of the economy and, in accordance with law, exercises supervision and control over the non-public sectors of the economy.” Article 22 Article 13 of the Constitution, which reads, “The State protects the right of citizens to own lawfully earned income, savings, houses and other lawful property.” “The State protects according to law the right of citizens to inherit private property”, is revised to read, “Citizens’ lawful private property is inviolable.” “The State, in accordance with law, protects the rights of citizens to private property and to its inheritance.” “The State may, in the public interest and in accordance with law, expropriate or requisition private property for its use and make compensation for the private property expropriated or requisitioned.” Article 23 One paragraph is added to Article 14 of the Constitution as the fourth paragraph, which reads, “The State establishes a social security system compatible with the level of economic development.” Article 24 One paragraph is added to Article 33 of the Constitution as the third paragraph, which reads, “The State respects and preserves human rights.” The original third paragraph is changed to be the fourth. Article 25 The first paragraph of Article 59 of the Constitution, which reads, “The National People’s Congress is composed of deputies elected from the provinces, autonomous regions and municipalities directly under the Central Government and of deputies elected from the armed forces. All the minority nationalities are enpost_titled to appropriate representation”, is revised to read, “The National People’s Congress is composed of deputies elected from the provinces, autonomous regions, municipalities directly under the Central Government, and special administrative regions, and of deputies elected from the armed forces. All the minority nationalities are enpost_titled to appropriate representation.” Article 26 The 20th subparagraph of Article 67 of the Constitution on the functions and powers of the Standing Committee of the National People’s Congress, which reads, “(20) to decide on the imposition of martial law throughout the country or in particular provinces, autonomous regions, or municipalities directly under the Central Government” is revised to read, “(20) to decide on entering into the state of emergency throughout the country or in particular provinces, autonomous regions, or municipalities directly under the Central Government.” Article 27 Article 80 of the Constitution, which reads, “The President of the People’s Republic of China, in pursuance of the decisions of the National People’s Congress and its Standing Committee, promulgates statutes, appoints or removes the Premier, Vice-Premiers, State Councillors, Ministers in charge of ministries or commissions, the Auditor-General and the Secretary-General of the State Council; confers State medals and post_titles of honour; issues orders of special pardons; proclaims martial law; proclaims a state of war; and issues mobilization orders”, is revised to read, “The President of the People’s Republic of China, in pursuance of the decisions of the National People’s Congress and its Standing Committee, promulgates statutes, appoints or removes the Premier, Vice-Premiers, State Councillors, Ministers in charge of ministries or commissions, the Auditor-General and the Secretary-General of the State Council; confers State medals and post_titles of honour; issues orders of special pardons; proclaims entering of the state of emergency; proclaims a state of war; and issues mobilization orders.” Article 28 Article 81 of the Constitution, which reads, “The President of the People’s Republic of China receives foreign diplomatic representatives on behalf of the People’s Republic of China and, in pursuance of the decisions of the Standing Committee of the National People’s Congress, appoints or recalls plenipotentiary representatives abroad, and ratifies or abrogates treaties and important agreements concluded with foreign states”, is revised to read, “The President of the People’s Republic of China, on behalf of the People’s Republic of China, engages in activities involving State affairs and receives foreign diplomatic representatives and, in pursuance of the decisions of the Standing Committee of the National People’s Congress, appoints or recalls plenipotentiary representatives abroad, and ratifies or abrogates treaties and important agreements concluded with foreign states.” Article 29 The 16th subparagraph of Article 89 of the Constitution on the functions and powers of the State Council, which reads, “(16) to decide on the imposition of martial law in parts of provinces, autonomous regions, and municipalities directly under the Central Government” is revised to read, “(16) in accordance with the provisions of law, to decide on entering into the state of emergency in parts of provinces, autonomous regions, and municipalities directly under the Central Government.” Article 30 Article 98 of the Constitution, which reads, “The term of office of the people’s congresses of provinces, municipalities directly under the Central Government, counties, cities and municipal districts is five years. The term of office of the people’s congresses of townships, nationality townships and towns is three years” is revised to read, “The term of office of the local people’s congresses at various levels is five years.” Article 31 The post_title of the fourth chapter of the Constitution, which reads “The National Flag, the National Emblem and the Capital”, is revised to read “The National Flag, the National Anthem, the National Emblem and the Capital”. And one paragraph is added to Article 136 of the Constitution as the second paragraph, which reads, “The national anthem of the People’s Republic of China is the March of the Volunteers.”

DECISION OF THE STATE COUNCIL ON REFORMING THE INVESTMENT SYSTEM

State Council

Decision of the State Council on Reforming the Investment System

No.20 [2004] of the State Council

July 16th,2004

Since the reform and opening up to the outside world, the State has made a series of reforms on the original investment system, which
have broken the highly centralized mode of investment administration under the traditional planned economic system, and have formed
into a new structure of multi-investors, multi-channels of capital resources, and diversification of ways of investment, as well
as market-oriented project construction. However, some deep-level inconsistencies and problems of the existing investment system
have not been radically solved. In particular, the investment decision-making right of enterprises has not been fully put to effect;
the fundamental role of the market in allocating resource has not been brought into full play; the scientific level and democratization
level of government investment decisions need to be further improved; and the efficiency of investment macro-control and supervision
needs to be enhanced. Therefore, the State Council decides to further deepen the reform of investment system.

Guidelines and Target for Deepening the Reform of the Investment System

The guidelines for deepening the reform of investment system are: in accordance with the requirements for improving the socialist
market economic mechanism, the fundamental role of the market in allocating resources shall be brought into full play under the macro-control
of the State, the enterprises’ status as the major subject of investment shall be established, and the government’s investment acts
shall be regulated, the legal rights and interests of the investors shall be protected, so as to create a market environment conducive
to the fair and orderly competition of all investors, promote the rational flow and effective allocation of elements of production,
optimize the investment structure, and raise investment returns, as well as push forward the coordinated development of economy and
overall progress of society.

The target for deepening the reform of investment system are: we should reform the system of government oversight of corporate investment
and put into effect the right of enterprises to make their own investment decisions in line with the principle that “the investor
makes their own investment decisions, reaps the profits and bears the risks”; the government’s investment functions shall be rationally
defined, more scientific investment decisions shall be made in a more democratic way, and an accountability mechanism shall be established
to hold decision makers responsible for their improper decisions; financing channels shall be further expanded to have enterprises
fund their projects through diversified means; standardized investment intermediary service organizations shall be nurtured with
the reinforcement of industry self-discipline so as to promote fair competition; a perfect investment macro-control system shall
be established, the macro-control mode shall be improved, and macro-control means shall be perfected; legislation progress in the
investment field shall be speeded up; investment supervision shall be reinforced to protect standardized investment and build the
market order. A new type of investment system shall be finally established through deepening reform and expanding the opening up,
in which investments are guided by the market, the enterprises shall make their own investment decisions, the banks shall make examination
and approval on loans independently, and diversified ways of financing, standardized intermediary services, and effective macro-control
are available.

II.

Transforming the Administrative Functions of the Government and Establishing the Status of Enterprises as the Main Subject of Investment

The system of examination and approval for projects shall be reformed to put into effect the right of the enterprises to make their
own investment decisions. The existing measures for the administration of enterprise investments, which are subject to the examination
and approval of the governments at various levels and the relevant departments respectively without exception according to the scale
of investment without differentiating the subjects of investment, resources of capital, and nature of projects, shall be reformed
out and out. From now on, nongovernmental-funded corporate projects shall no longer stick to the examination and approval system,
and shall adopt an approval and registration and recording system through differentiating different circumstances. The government
will only conduct ratification on the major projects and projects of restricted kinds from the standpoint of maintaining public interests,
and other projects will follow the registration and recording system whatever the scale is. The enterprises shall make decisions
by themselves according to the market prospects, economic benefits, capital resources and product technical plans of their projects,
shoulder the risk of losses, and go through such formalities as the environmental protection, land use, resource utilization, work
safety, and city planning, as well as the formalities for confirmation of deduction and exemption of taxes according to law. The
government may only make examination on and approval for capital application report of enterprises on projects invested and constructed
by using the government subsidies, allocated loan proceeds, and discount interests. All the regions and departments shall improve
the measures for the administration accordingly, regulate administrative acts, and no one may keep the rights for making decision
on investment of enterprises in any name.

Standardizing the ratification system of the government. The scope of ratification system shall be strictly restricted, and shall
be adjusted on time according to the circumstances. The Catalogue of Investment Projects Approved by the Government (hereinafter
referred to as the Catalogue) shall be brought forward by the competent investment department of the State Council together with
the relevant department after making research, and shall be implemented after being reported to and approved by the State Council.
No region or department may add or reduce without authorization the scope as prescribed by the Catalogue without the approval of
the State Council.

An enterprise may only submit project application reports to the government for its investment and construction of any project, which
is subject to ratification system, and such procedures as the approval of project proposals, feasibility study report and report
for starting construction shall not be stuck to any longer. The government shall make examination on the project application reports
submitted by enterprises mainly from such aspects as maintaining economic security, rationally exploiting and utilizing resources,
preserving bio-environment, optimizing major arrangement, protecting public interests and preventing monopolies. For foreign investment
projects, the government shall also make approval from such aspects as the market access and capital project management. The relevant
departments of the government shall formulate strict and standardized ratification system, clarify the scope and contents of ratification
and the application procedures thereof, as well as the handling time limit, and publicize them to the general public, so as to improve
the efficiency for handling affairs and boost up the transparency.

Perfecting the registration and recording system. The registration and recording system shall be followed for the corporate investment
projects outside the Catalogue. Unless specified differently by the State, an enterprise shall put such projects on archives with
the competent investment department of the local government in light of the principle of territory. The detailed implementation measures
for registration and recording system shall be formulated by the people’s governments at the provincial level. The competent investment
department of the State Council shall strengthen guidance to and supervision over the recording work to prevent the disguised examination
and approval in the name of registration and recording.

Enlarging large enterprise groups’ right of making decision on investment. Where a super enterprise group which follows a basic modern
enterprise system invests in any of the projects within the Catalogue, it may file an application for ratification on the per project
basis, or compile medium and long-term development and construction programs and, after the construction program has been approved
by the State Council or the competent investment department of the State Council, no application shall be filed for approval for
the projects in the program falling within the Catalogue any more, and only archival filing formalities are handled. The enterprise
group shall report to the relevant departments of the State Council in time the conditions for the implementation of the program
and the construction of the project.

Encouraging social investments. The government shall broaden the investment fields of social capital, and allow the social capital
enter into the fields of utilities and infrastructure projects and other industries and fields not prohibited by any law or regulation.
The price of public products shall be regulated step by step, and such measures as the injection of capital money, discount interests
of loans and tax preferences shall be taken to encourage and guide the social capital to participate in the construction of for-profit
public welfare and infrastructure projects by ways of individual proprietorship, joint ventures, cooperation, joint management, project
financing, etc.. As for those projects involving the development and utilization of state monopoly resources and requiring unified
planning and arrangement, the government may make public invitation to the society to select the realtors of the projects after the
construction program has been determined. Enterprises of various ownerships whose conditions are mature shall be encouraged and supported
to make investment overseas.

Further broadening the financing channel of corporate investment projects. Enterprises of various kinds shall be permitted to raise
investment capital by way of stock right financing to establish multi-level capital market with the mutual supplementary of various
ways of collection. Experiments shall be conducted on some infrastructure projects with stable returns, which are selected upon the
approval of the competent investment departments and securities regulatory organs of the State Council, to raise construction funds
by ways of public issuance of stocks and transferable bonds. The bond issuance management system of enterprises shall be reformed
under the prerequisite of strict prevention of risks to enlarge the scale of issuance of enterprise bonds and increase the types
of enterprise bonds. The system of examination and approval for loans on fixed assets and the corresponding risk management system
shall be ameliorated and perfected in accordance with the market principle to support the project construction by using loans of
banking groups, financial leasing, project financing and financial counselor, and other various business ways. Enterprises of various
ownerships shall be permitted to apply for foreign loans in accordance with the relevant provisions. The relevant laws and regulations
shall be formulated, and the system of financing of small and medium sized enterprises and credit guarantee shall be established
to encourage banks and various qualified guarantee institutions to make research and innovation on ways of guaranty for project financing,
and various forms shall be adopted to enhance the capital strength of guarantee organs and promote the establishment of investment
companies for small and medium sized enterprises, and establish and perfect a business-starting investment mechanism. Investment
funds of various kinds shall be regulated for their development. Insurance capital shall be encouraged and promoted to invest in
the infrastructures and major construction projects indirectly.

Regulating the corporate investment acts. Enterprises of various kinds shall strictly abide by the laws and regulations on state land
and resources, environmental protection, work safety, and city planning, etc., strictly implement the industrial policies and vocational
access standards, and shall not invest to construct the projects restricted from development by the state; they shall also keep good
faith and abide by law, maintain the public interests, ensure the quality of projects and improve the investment benefits. The state-owned
enterprises and state-owned share holding enterprises shall, in accordance with the requirements for reform of state-owned assets
management system and modern enterprise systems, establish and perfect the system of contributors of state-owned assets, investment
risk restriction mechanism, scientific and democratic investment decision-making system and major investment accountability system.
They shall also strictly implement the legal person accountability system for investment projects, capital money system, bid invitation
and tendering system, project supervision system and contract management system.

III.

Improving the government investment mechanism and regulating the government investment acts

Properly defining the scope of government investment. The government investment is mainly used in fields concerning national security
and the economic and social fields where the resources cannot be allocated effectively through market, including strengthening the
construction of public welfare and public infrastructure, protecting and improving the environment, promoting the economic and social
development of underdeveloped regions, and pushing forward scientific and technological progress and industrialization of high and
new technology. Items that can be constructed through social investment shall be constructed through utilizing social capital as
is possible. The rights of the central government and the local governments in the investment affairs shall be divided properly.
The investment of the central government shall, in addition to arranging the building of regime of itself, mainly arrange for the
trans-regional and trans-basin projects and projects that have major influence on the overall arrangement of economic and social
development.

Perfecting decision-making mechanism for government investment projects. Scientific decision-making rules and procedures shall be
further improved and adhered to have the decision of government on investment projects made scientifically and democratically; government
investment projects shall be subject to the evaluation and reasoning of intermediary consulting institutions meeting the qualification
requirements in general, and competition mechanism shall be brought into the consulting and evaluation, and reasonable competition
rules shall be formulated; for projects of special importance, the system of expert appraisal shall be implemented; public notice
system of government investment projects shall be implemented step by step, and opinions and suggestions of all parties concerned
shall be widely solicited.

Regulating the management on government investment funds. Medium and long-term program and annual plan for government investment shall
be worked out, and various government investment funds shall be arranged as a whole and used properly, including investment within
the budgets, various special construction funds, foreign loans borrowed uniformly, etc.. The government investment fund may take
such ways as the direct investment, injection of capital money, investment subsidy, re-loan, discount interests for loans, etc, according
to the project arrangements, and upon the need of capital resources, project nature and adjustments. In case the government investment
fund is invested by way of injection of capital money, the representatives of contributors shall be determined. Management measures
shall be determined accordingly in light of the different type of capital and ways for the use of the capital to realize the decision-making
procedures for government investment and capital management regulated scientifically, systematically and conforming to the standard.

Simplifying and regulating the procedures for the examination and approval of government investment projects, and properly dividing
the power of examination and approval. The power of examination and approval of projects between the central government and local
government, between the competent investment department of the State Council and the relevant departments shall be distributed properly
according to the nature of the projects, capital resources and division of rights to handle affairs. For government investment projects,
if the ways of direct investment and capital injection have been adopted, only the project proposal and feasibility study report
may be subject to the examination and approval from the point of view of investment decision-making, and the report for starting
the construction shall no longer be examined and approved except in special circumstances; meanwhile, the work for the examination
and approval of preliminary design and budgetary estimate on government investment projects shall be strictly conducted; where such
ways as investment subsidy, re-loan and discount interests for loans are adopted, only the capital application report shall be subject
to examination and approval. The concrete division of power and procedures for examination and approval shall be formulated by the
competent investment department of the State Council together with the relevant parties concerned after research, and shall be promulgated
and implemented after being reported to and approved by the State Council.

Strengthening management on government investment projects and improving the ways for the implementation of construction. The construction
standards for government investment projects shall be standardized and revised and improved in pace with the change of reality. Investment
capital plans shall be made known according to the progress of project construction. Administration on intermediary services for
government investment projects shall be strengthened to implement qualification management on such intermediary institutions of consultation
and evaluation, tendering agency, etc. to improve the quality of intermediary services. As for non-operating government investment
projects, the implementation of contractor system for construction shall be accelerated, e.g., a professional project management
entity shall be selected by way of bid invitation to take charge of the carrying out of construction, strictly control the project
investment, quality and time limit of the project, and to be responsible for transferring the project to the entity using the project
after completion and checking and acceptance. The consciousness of investment risk shall be boosted up, and risk control mechanism
for government investment projects shall be established and perfected.

Introducing the market mechanism, and bringing into full play the benefits of government investment. The governments at various levels
shall create conditions, and make use of franchising, investment subsidies, and various ways to attract social capital to participate
in the construction of projects of public welfares and public infrastructures, which have reasonable returns and certain investment
proceeds. Projects that are of monopoly or franchising nature shall be tried. Fair competition shall be carried out to protect public
interests through the realtor bid invitation system. The established government investment projects which has competent conditions
may be transferred with the property right or business property right according to law upon approval, the capital returned shall
be invested in the public welfares and construction of various infrastructures continuously.

IV.

Strengthening and improving macro-control on investment

Improving the system of macro-control on investment. The National Development and Reform Commission shall, under the guidance of the
State Council and together with other relevant departments, control the investment activities of the whole society according to the
division of functions, with close cooperation, mutual collaboration, effective operation and supervision according to law, keep rational
investment scale, optimize investment structure, improve investment benefit, and promote the sustained, coordinated and healthy development
of national economy and overall progress of society.

Improving the ways of macro-control on investment. Economic, legal and necessary administrative measures shall be combined comprehensively
to ensure effective control on the investment of the whole society with the indirect control as the main way of control. The relevant
departments of the State Council shall, on the basis of medium and long term program for national economic and social development,
compile development and construction programs in such major fields as education, science and technology, health, communications,
energy sources, agriculture, forestry, water conservancy, zoology construction, environmental protection, and development of strategic
resources, etc., including necessary special development and construction program, clarify the guidelines, strategic target of development,
and overall arrangements and major construction projects, etc.. The development and construction program approved according to the
prescribed procedures shall be an important basis for investment decision-making. The governments at all levels and the relevant
departments shall make efforts to improve government investment benefits and guide social investment, formulate and adjust in time
the Catalogue for Guiding Fixed Assets Investment and the Catalogue of Industries for Guiding Foreign Investment, and clarify the
investment projects encouraged, restricted and prohibited by the state. They shall also establish a system of release of investment
information, releasing in time such information as the control target of the government to the investment, major control policies,
investment status of major industries, and development trend, etc., to guide the investment activities of the whole society. A scientific
system of industry access shall be established to regulate the standards of environmental protection, safety standards, energy cost
and water cost standards, and product technology, quality standard of major industries, so as to prevent repeated low level construction.

Coordinating means of macro-control on investment. The government investment scale shall be determined properly according to the requirements
of national economic and social development and the need of macro-control to have the state positively guide and effectively control
the investment of the whole society. Social investment shall be guided through flexible application of investment subsidy, discount
interest, price, interests rate, and taxation, etc. to optimize the industrial structure and regional structure of investment. Credit
policies shall be formulated and adjusted according to the circumstances to guide the total amount and direction of the medium and
long term loans. Land use system shall be rigorously enforced and regulated to bring into full play the role of land supply to the
control and guidance of private investment.

Strengthening and improving investment information statistics work. The work of investment statistics shall be strengthened to reform
and improve the system of investment statistics, and further accurately and completely reflect the stock of fixed assets of the whole
society and the situation of investment operation in time, and establish various information sharing mechanisms to provide scientific
basic information for macro-control on investment. System of early warning and prevention of investment risk shall be established
to strengthen monitoring and analysis on macro economic and investment operation.

Strengthening and improving supervision over investment

Establishing and improving the supervision system on government investment. The accountability system of government investment shall
be established to ensure that the departments and entities of project consultation, investment project decision-making, design, construction,
and supervision bear corresponding responsibilities. In case any department or entity which fails to abide by the laws and regulations
and causes damages to the state, the relevant responsible person shall be subject to administrative and legal liabilities according
to law. The government investment balance mechanism shall be improved, the competent investment department, finance department and
other relevant departments concerned shall make mutual supervision over the administration of government investment according to
their own division of work. The auditing department shall perform duties entirely according to law, and further strengthen auditing
and supervision over the projects with the government investment, so as to improve the level of government investment administration
and investment benefits. The system of audit on major projects shall be improved, and the system of afterward appraisal on government
investment projects shall be established to make supervision over government investment projects all through the process. A social
supervision mechanism shall be established for the government investment projects to encourage the general public and news media
to conduct supervision over the government investment projects.

Establishing and improving an enterprise investment supervision system with coordination and cooperation. The departments of state
land and resources, environmental protection, urban planning, quality supervision, bank regulation, securities regulation, foreign
exchange administration, industry and commerce administration, and work safety supervision, etc. shall strengthen supervision over
the investment activities of enterprises, and shall not handle relevant license formalities for those not in conformity with the
laws and regulations and the provisions of state policy. In case anyone does not abide by the relevant laws and regulations during
the process of construction, the relevant departments concerned shall order it to correct in time and severely punish it according
to law. The competent investment department of the government at various levels shall strengthen supervision over and inspection
on the enterprise investment projects during the course and after the construction, for those projects not complying with the industrial
policy and standards for industrial access and the projects being constructed without authorization and without going through corresponding
approval or permission formalities, the relevant departments shall order it to stop construction, and affix liabilities to the relevant
enterprises and personnel. The auditing departments shall make audit supervision over the investment of state-owned enterprises according
to law to promote the inflation-proof and increment of the state-owned assets. The system of good faith on enterprise investment
shall be established to punish and expose to the open air the provision of false information and in violation of laws and regulations
in the declaration and construction of any project, and restrict the investment construction activities within a certain period of
time.

Strengthening supervision over the investment intermediary service institutions. The various investment intermediary service institutions
shall be severed from the departments of government and follow the principle of good faith, strengthen self-discipline, so as to
provide intermediary services with high quality and diversity. The various investment intermediary institutions shall be encouraged
to take the form of partnership, stock-limited enterprises and other various forms to make reorganization and restructuring. Trade
associations of investment intermediary institutions shall be improved and perfected to set up an industry management system with
legal regulation, government supervision and industry self-discipline. Regional blocks and industrial monopoly shall be broken to
establish an open, fair and just investment intermediary service market, and intensify the legal liabilities of intermediary service
institutions.

Improving laws and regulations and making supervision and administration according to law. The relevant laws and regulations relating
to investment shall be formulated and perfected to protect the legal rights and interests of investors, and maintain such a market
environment in which investment subjects compete against each other in a fair and orderly way, investment elements flow rationally
and the market plays a fundamental role in allocating resources, and regulate the investment acts of various investment subjects
and investment management activities of the government. The relevant laws and regulations shall be earnestly implemented, and the
finance and economic disciplines shall be enforced strictly to block up the loopholes in management, reduce construction costs, and
improve investment benefits. Inspections on law enforcement shall be strengthened to cultivate and maintain a standardized construction
market order.

Annex: Catalogue of Investment Projects Approved by the Government (Text 2004)

Annex:Catalogue of Investment Projects Approved by the Government (Text 2004)

Brief Introduction:

The projects listed in this Catalogue shall refer to the major and restricted fixed assets investment projects invested and constructed
by enterprises without using government capital.

Except for investment projects that are prohibited by the state laws and regulations and the special provisions of the State Council,
if any enterprise invests to construct the projects outside this Catalogue without using the government capital, it shall be subject
to recording.

The relevant provisions shall be applied by analogy to the examination and approval of projects as specified by the state laws and
regulations and the State Council.

The Catalogue has made prescription on the power of approval of the government, of which:

(1)

The projects “approved by the competent investment department of the State Council” as specified in the Catalogue shall be subject
to approval by the competent investment department of the State Council together with the competent trade department, of which the
major projects shall be subject to the approval of the State Council.

(2)

The projects “approved by the competent investment department of local government” as prescribed by the Catalogue shall be subject
to approval by the competent investment department of local government together with the competent trade departments at the corresponding
level. The provincial government may divide the power of approval of the competent investment department of local governments at
various level according to the circumstances of the locality and nature of projects, but the power of approval shall not be transferred
to the lower level competent department in case the Catalogue unambiguously provides that the projects shall be subject to approval
by the competent investment department of provincial government.

(3)

Special authorization shall be made to t

MINISTRY OF FINANCE AND THE STATE ADMINISTRATION OF TAXATION SUPPLEMENTARY NOTICE ON TRIAL IMPLEMENTATION OF TAX REFUND (EXEMPTION) FOR EXPORT OF GOODS UNDER SMALL-SCALE BORDER TRADE SETTLED IN RENMINBI

Ministry of Finance, State Administration of Taxation

Ministry of Finance and the State Administration of Taxation Supplementary Notice on Trial Implementation of Tax Refund (Exemption)
for Export of Goods under Small-scale Border Trade Settled in Renminbi

Cai Shui [2004] No. 178

The Department of Finance and the Bureau of State Taxation of Yunnan Province:

With a view to further handling well the pilot work in the trial implementation in Yunnan of tax refund for export of goods under
small-scale border trade settled in Renminbi, upon the approval of the State Council to, as of October 1, 2004, the rate of refundable
amount of taxes has been adjusted from the present 70% to 100% if the export of goods under small-scale border trade in Yunnan is
settled in Renminbi by means of banking transfer; and the present rate of refundable amount of taxes maintains at 40% if the export
of goods under small-scale border trade in Yunnan is settled in cash. The specific time for implementation shall accord with the
date of export indicated on the “Customs Declaration Form for Export of Goods (the Sheet for Tax Refund for Exports)” issued by the
Customs.

Other matters relating to tax refund (exemption) for export of goods under small-scale border trade settled in Renminbi shall still
be implemented in light of the provisions set by Ministry of Finance and the State Administration of Taxation Notice on Trial Implementation
of Tax Refund (Exemption) for Export of Goods under Small-scale Border Trade Settled in Renminbi (Cai Shui [2003] No. 245).

Hereby notify.

Ministry of Finance

State Administration of Taxation

October 29, 2004

Ministry of Finance, State Administration of Taxation
2004-10-29

ACCOUNTING STANDARDS FOR ENTERPRISES NO. 30 – PRESENTATION OF FINANCIAL STATEMENTS

the Ministry of Finance

Accounting Standards for Enterprises No. 30 – Presentation of Financial Statements

No. 3 [2006] of the Ministry of Finance

February 15, 2006

Chapter I General Provisions

Article 1

With a view to regulating the presentation of financial statements and guaranteeing the commensurability between the financial statements
of a same enterprise in different periods and between the financial statements of different enterprises in a same period, the present
Standards is formulated according to the Accounting Standards for Enterprises – Basic Standards.

Article 2

The “financial statements” are structural reports on the financial status, business performance and cash flow of an enterprise, which
shall at least include the following parts:

(1)

the balance sheet;

(2)

the profit statement;

(3)

the cash flow statement;

(4)

the statement of changes in the owner’s equities (or shareholder’s equities, the same below); and

(5)

the notes.

Article 3

The preparation and presentation of a cash flow statement, and the special presentation requirements of other accounting standards
shall be subject to the Accounting Standards for Enterprises No. 31 – Cash Flow Statement and other relevant accounting standards.

Chapter II Basic Requirements

Article 4

An enterprise shall, on the basis of continuous operation, recognize and measure the actually occurred transactions and events according
to the Accounting Standards for Enterprises – Basic Standards and the provisions of other accounting standards, and then prepare
financial statements.

No enterprise may substitute the note disclosure for the recognition and measurement.

Where it is not reasonable any more to prepare financial statements on the basis of continuous operation, the enterprise shall prepare
financial statements with other basis and shall disclose this fact in its notes.

Article 5

The presentations of items in financial statements in different accounting periods shall be kept consistent, which shall not be changed
randomly with the exception of those under the following circumstances:

(1)

It is required to change the presentation of the items of financial statements according to some accounting standards; and

(2)

After great change of the nature of business operation of an enterprise, the presentation of items of post-change financial statements
can be able to provide more reliable and more relevant accounting information.

Article 6

Items with different nature or function shall be separately presented in financial statements, with the exception of those of no importance.

As for items with similar nature or function, if the category in which they fall is of importance, they must be presented separately
in the financial statements.

The term “importance” refers to that an item is of significance when the omission or false reporting thereof may affect the economic
decision-making of the user on the basis of it. Then, the item shall be considered of importance. The importance shall, in light
of the environment in which the enterprise is situated, be judged on the basis of the nature and amount of the item.

Article 7

The amounts of the items of assets and liabilities, incomes and expenses in financial statements shall not countervail each other,
unless it is otherwise provided for in other accounting standards.

The presentation of the net amount of an asset item minus the impairment provision is not an offset.

The presentation of the net amount of any gain or loss produced by any non-routine activity minus the expenses is not an offset.

Article 8

The presentation of financial statements of the current period shall at least provide the comparative data of all items of the previous
comparative period, as well as the explanations on the understanding of the financial statements of the current period, unless it
is otherwise provided for in other accounting standards.

According to the provisions of Article 5 of the present Standards, where there is any change to the items presented in the financial
statements, an adjustment shall be made to the comparative date of the previous period in light of the presentation requirements
of the current period, and the reasons and nature of the adjustment and the adjustment amount to each item shall be disclosed in
the notes. In case it is not feasible to adjust the comparative data of the previous period, the reasons for the failure of adjustment
shall be disclosed in the notes.

The term “infeasibility” refers to that an enterprise is still unable to adopt a certain provision after it makes all reasonable efforts.

Article 9

An enterprise shall, at the eye-catching place of the financial statements, disclose the following items:

(1)

the name of the presenting enterprise;

(2)

the balance sheet date or the accounting period covered by the financial statements;

(3)

the unit of RMB amount;

(4)

If the financial statements are consolidated financial statements, an indication shall be given.

Article 10

An enterprise shall at least prepare financial statements on a yearly basis. If the period covered by the annual financial statements
is less than one year, the period covered by the annual financial statements and the reasons for being less than one year shall be
disclosed.

If an enterprise offers interim financial reports to outsiders, it shall accord with the Accounting Standards for Enterprises No.
32 – Interim Financial Reports as well.

Article 11

The items that are required to be presented separately according to the present Standards, they shall be separately presented. Items
that are required to be separately presented according to other accounting standards, the items to be separately presented shall
be added.

Chapter III Balance Sheets

Article 12

The assets and liabilities shall be presented as current and non-current assets and liabilities, respectively.

As for the assets and liabilities of a financial enterprise, if the presentation based on fluidity provides reliable and more relevant
information, the assets and liabilities may be presented on the basis of the fluidity order.

Article 13

Where an asset meets any of the following conditions, it shall be classified as current assets:

(1)

It is expected to be realized, sold or consumed within a normal business cycle;

(2)

It is held mainly for trading;

(3)

It is expected to be realized within one year as of the balance sheet date (including one year, the same below); and

(4)

It is cash or cash equivalent, which is subject to no limit when it is used to exchange other assets or to pay off the liabilities
as of the balance sheet date.

Article 14

The assets other than current assets shall be classified as non-current assets, and shall be presented on the basis of their respective
nature.

Article 15

The liability that can meet the following conditions shall be classified as current liabilities:

(1)

It is expected to be repaid within a normal business cycle;

(2)

It is held mainly for trading;

(3)

It shall be repaid at maturity within one year as of the balance sheet date; and

(4)

It is an asset for which the enterprise does not have an unconditional right to delay payment more than one year after the balance
sheet date.

Article 16

The liabilities other than current liabilities shall be classified as non-current liabilities, and shall be presented on the basis
of their nature.

Article 17

As for a liability which will be at maturity within one year as of the balance sheet date, if the enterprise predicts that it can
independently extend the repayment obligation by one year or more after the balance sheet date, it shall be classified as non-current
liabilities. If it predicts that it is unable to independently extend the repayment obligation, even if an agreement on the re-arrangement
of the repayment plan is signed during the period after the balance sheet date but prior to the approval date of the financial reports,
it shall be still classified as current liabilities.

Article 18

If a liability has become payable on demand because an enterprise has breached an undertaking under a long-term loan agreement, it
shall be classified as current liabilities.

The liability is classified as non-current liabilities if the lender has agreed, on or before the balance sheet date, to provide a
grace period ending one year or more after the balance sheet date, during which the entity can rectify the breach and the lender
cannot demand immediate repayment.

Where any other long-term liability is under a similar circumstance, it shall be treated according to the provisions of the preceding
2 paragraphs.

Article 19

The category of assets in the balance sheets shall at least separately present items reflecting the following information:

(1)

money;

(2)

receivable and advance payments;

(3)

transaction investments;

(4)

inventories;

(5)

held-to-maturity investments;

(6)

long-term equity investments;

(7)

investment real estates;

(8)

fixed assets;

(9)

biological assets;

(10)

deferred income tax assets; and

(11)

intangible assets.

Article 20

The category of assets in the balance sheets shall at least include the aggregate item of current assets and non-current assets.

Article 21

The category of liabilities in the balance sheets shall at least separately present items reflecting the following information:

(1)

the short-term borrowings;

(2)

the payable and advance receipts;

(3)

the payable taxes;

(4)

the payable wages and salaries of employees;

(5)

the expected liabilities;

(6)

the long-term borrowings;

(7)

the long-term accounts payable;

(8)

the payable bonds; and

(9)

the deferred income tax liabilities.

Article 22

The category of liabilities in the balance sheets shall at least include the aggregate item of current liabilities, non-current liabilities
and liabilities.

Article 23

The category of the owner’s equities in the balance sheets shall at least separately present items reflecting the following information:

(1)

the paid-in capital (capital stock);

(2)

the additional paid-in capital;

(3)

the surplus reserves; and

(4)

the undistributed profits.

In the consolidated balance sheets, the equities of minority shareholders shall be separately presented in the category of equities.

Article 24

The category of equities in the balance sheets shall include the aggregate item of the owner’s equities.

Article 25

The balance sheets shall present the total amount of the asset items, total amount of liability items and total amount of items of
the owner’s equities.

Chapter IV Profit Statements

Article 26

The expenses shall, on the basis of functions, be classified into costs, administrative expenses, sale expenses and financial expenses
occurred in business operation.

Article 27

The profit statements shall at least separately present items reflecting the following information:

(1)

the business incomes;

(2)

the business costs;

(3)

the business taxes;

(4)

the sale expenses;

(5)

the administrative expenses;

(6)

the financial expenses;

(7)

the investment gains;

(8)

the profits and losses on the changes in fair value;

(9)

the losses on the asset impairment;

(10)

the profits and losses on the disposal of non-current assets;

(11)

the income tax expenses; and

(12)

the net profits.

The financial enterprise may, according to its particularities, present the items in the profits.

Article 28

In the consolidated profit statements, an enterprise shall, under the item of net profits, separately present the profits and losses
attributable to the parent company and the profits and losses attributable to the minority shareholders.

Chapter V Statements of Changes in the Owner’s Equities

Article 29

The statements of changes in the owner’s equities shall reflect the increases and decreases in the current period as integrate parts
of the owner’s equities. The changes in the owner’s equities, which result from the profits and losses in the current period, the
gains and losses directly recorded into the owner’s equities as well as the capital transaction with the owner (or shareholder, the
same below), shall be presented respectively.

Article 30

The statements of changes in the owner’s equities shall at least separately present items reflecting the following information:

(1)

the net profits;

(2)

the items of gains and losses directly recorded into the owner’s equities, and the total amount of the said items;

(3)

the accumulative amount affected by changes in accounting policies and estimates? and correction of errors;

(4)

the capital invested by the owners and the profits distributed to them;

(5)

the surplus reserves made according to the relevant provisions; and

(6)

the information on the balance of the paid-in capital (stock capital), additional paid-in capital, surplus reserves, and the undistributed
profits at the beginning and at end of the period, and the adjustments made to them.

Chapter VI Notes

Article 31

The notes are word descriptions or detailed information on the items presented in the balance sheets, profits statements, cash flow
statements and statements of changes in the owner’ s equities, and the explanations on the items that are not presented in these
statements.

Article 32

The notes shall disclose the basis for the preparation of financial statements. The relevant information in the notes shall be cross-referenced
with the items presented in the balance sheets, profits statements, cash flow statements and statements of changes in the owner’
s equities.

Article 33

Generally, the notes shall disclose the following items according to the following order:

(1)

the basis for the formulation of financial statements;

(2)

the declaration on compliance with the accounting standards for enterprises;

(3)

the explanations on the important accounting policies, including the basis for the measurement of items of the financial statements
and the basis for the determination of accounting policies;

(4)

the explanations on the accounting estimates, including the basis for the determination of the accounting estimates that may result
in a significant adjustment to the carrying amount of the assets or liabilities in the next accounting period;

(5)

the explanations on the changes in accounting policies and estimates? and explanations on the correction of errors;

(6)

the more detailed explanations on the important items presented in the balance sheets, profit statements, cash flow statements and
statements of changes in the owner’s equities, including the amount of the profit after the termination of business operation and
its composition; and

(7)

the contingencies and commitments, non-adjustment events occurring after the balance sheet date, the relationship of connected parties
and their transactions, and other items that need to be explanted.

Article 34

An enterprise shall, during the period after the balance sheet date but before the financial statements are authorized for issue,
disclose the total amount of dividends and the related amount per share it proposes or declares to distribute (or the total amount
of profits to be distributed to investors).

Article 35

In case an enterprise fails to disclose the following items along with other information publicized in the financial statements, it
shall disclose them in its notes:

(1)

the registered place and organizational form, and the address of its headquarters;

(2)

the nature of its business operation, and its principal business activities; and

(3)

the name of its parent company and the ultimate parent company of the group.

the Ministry of Finance
2006-02-15

ANNOUNCEMENT NO. 44, 2006 OF MINISTRY OF COMMERCE ON ARBITRATION OF EPICHLOROHYDRIN ECHANTI-DUMPING INVESTIGATION

Announcement No. 44, 2006 of Ministry of Commerce on Arbitration of Epichlorohydrin ECHAnti-dumping Investigation

[2006]No.44

In accordance with Anti-dumping Regulations of the People’s Republic of China, Ministry of Commerce released announcement on Dec 28,
2004, deciding to carry out anti-dumping investigation on ECH originating from Russia, the Republic of Korea, Japan and the United
States.

Ministry of Commerce carried out in investigation on dumping and dumping profit margin as well as injury and injury extent on investigated
commodities. In line with investigation result and Article No. 24 of the Anti-dumping Regulations of the People’s Republic of China,
Ministry of Commerce released preliminary arbitration on Sept 21, 2005, confirming dumping of the investigated commodity as well
as the causality between dumping of the investigated commodity and the injury of domestic industries.

After issuance of the preliminary arbitration, Ministry of Commerce continued to carry out investigation on dumping and dumping profit
margin as well as injury and injury extent, and issued the final arbitration (please refer to appendix) in line with investigation
result and Article No. 25 of the Anti-dumping Regulations of the People’s Republic of China. Related matters are now announced as
follows:

Final Arbitration

In line with investigation, Ministry of Commerce finally verdicts dumping of the investigated commodity, injures the domestic ECH
industries, and the existence of causality between dumping of the investigated commodity and the injury of domestic industries.

II.

Imposing Anti-dumping Duties

In accordance with Anti-dumping Regulations of the People’s Republic of China, Tariff Committee of the State Council decides to impose
anti-dumping duties on ECH originating from Russia, the Republic of Korea, Japan and the United States as from Jun 28, 2006.

The tariff code of the investigated commodity is 29103000.

Rate of Anti-dumping Duties on Different Companies:

Companies in Russia

The Joint Stock Company Kaustik 17.9%

Limited Liability Company “Usoliekhimprom” 5.4%

All Others 71.5%

Companies in the Republic of Korea

HAN WHA CHEMICAL CORPORATION 4.0%

Samsung Fine Chemicals Co., LTD 3.8%

All Others 71.5%

Companies in Japan

Kashima Chemical Co., Ltd. 4.7%

All Others 71.5%

DAISO CO., LTD. 0%

Companies in the United States

The Dow Chemical Company 4.3%

All Others 71.5%

Appendix: Ministry of Commerce’s Final Arbitration on Anti-dumping Investigation on Epichlorohydrin (ECH) originating from Russia,
the Republic of Korea, Japan and the United States

Ministry of Commerce

June 28, 2006

The Ministry of Commerce
2006-06-28

CIRCULAR OF THE STATE BUREAU OF SURVEYING AND MAPPING, THE MINISTRY OF EDUCATION, THE MINISTRY OF SCIENCE AND TECHNOLOGY, THE MINISTRY OF STATE SECURITY, THE GENERAL ADMINISTRATION OF CUSTOMS, THE NATIONAL TOURISM ADMINISTRATION, THE NATIONAL ADMINISTRATION FOR THE PROTECTION OF STATE SECRETS ON STRENGTHENING THE ADMINISTRATION OF FOREIGN ORGANIZATIONS OR INDIVIDUALS ENGAGING IN SURVEYING AND MAPPING IN CHINA

Circular of the State Bureau of Surveying and Mapping, the Ministry of Education, the Ministry of Science and Technology, the Ministry
of State Security, the General Administration of Customs, the National Tourism Administration, the National Administration for the
Protection of State Secrets on Strengthening the Administration of Foreign Organizations or Individuals Engaging in Surveying and
Mapping in China

Guo Ce Guan Zi [2006] No.36

The competent departments of surveying and mapping, the departments (bureaus, commissions)of education, science and technology, and
security of each province, autonomous region, municipality directly under the Central Government, and city specifically designated
in the state plan, the sub-administration of customs of Guangdong, the Special Commissioner’s Offices in Tianjin and Shanghai and
the customs offices directly under the General Administration of Customs; the National Tourism Administration, and the National Administration
for the Protection of State Secrets:

Surveying and Mapping and its results have a direct bearing on the State secrets and State security. Nowadays, with China’s deepening
reform and opening up, the demand of foreign organizations or individuals (hereinafter referred to as foreigners) conducting surveying
and mapping in China is on the rise. Some foreigners come to China to conduct illegal surveying and mapping or steal our country’s
important geographic information-data illegally, and some domestic entities, despite repeated prohibitions, do not stop their unapproved
joint-ventures or cooperation with foreigners to conduct surveying and mapping and these illegal activities increase which have constituted
a hidden threat to the State security. With a view to strengthen administration on foreigners’ surveying and mapping activities in
China, and to safeguard State security, a circular concerning the relevant work is hereby given as follows:

Unifying thinking and further raising our awareness of State security and secrets

In the recent years, some foreigners conduct illegal surveying, gathering, handling of China’s geospatial information-data, identify
the country’s important target locations, and publish the important geographic information-data concerned without approval. These
illegal activities have caused a bad affect on politics and brought a hidden threat to the State security. Each department shall,
from the height of safeguarding State security and sovereignty, and of upholding our national dignity, raise our recognition of the
importance of surveying and mapping, and also intensify our sense of urgency and responsibility on foreigners’ engagement in surveying
and mapping in China. We shall conscientiously study and analyze the current problems, unify our thinking, and further raise our
awareness of State security and secrets. They shall coordinate closely and adopt effective measures so that we can be responsible
for strengthening administration on foreigners’ surveying and mapping activities in China respectively in accordance with the scope
of duties.

Accelerating system construction so as to standardize administration on foreigners’ surveying and mapping activities in China

With a view to accelerating the construction of the system of administration on foreigners’ surveying and mapping activities in China,
the State Bureau of Surveying and Mapping shall, at an early date, promulgate regulations governing foreign organizations or individuals
conducting surveying and mapping in China to explicitly prescribe how foreigners can be engaged in surveying and mapping in China,
their business range, specific examination and approval procedurals, and supervision. The State Bureau of Surveying and Mapping and
the National Administration for the Protection of State Secrets shall set detailed requirements on secrets administration concerning
foreigners’surveying and mapping in China and shall in accordance with Regulations of the People’s Republic of China on the Administration
of Surveying and Mapping Results promulgated by the State Council, study and formulate specific provisions on submission of the results
of foreigners’ surveying and mapping in China. They shall also step up improvement in administration system of supplying China’s
surveying and mapping results to foreigners, tighten the examination and approval of supplying the surveying and mapping results
and intensify supervision of the use of the results.

Intensifying whole-process supervision and eradicating illegal surveying and supervision by strictly controlling entry and exit.

Where the customs discovers anyone who is suspect of trying to carry surveying and mapping results involving State secretes out of
the country’s territory, it shall handle the case under the relevant provisions in Law on the Protection of State Secrets, and if
the case constitutes a crime, the customs shall transfer the case to the State security organs or other judicial organs where the
offender shall be subject to criminal responsibility. The relevant departments shall reinforce secretes inspection of foreigners’results
of surveying and mapping in China, intensify and improve administration of the publishing and transmitting of China’s geographic
information-data on the internet, and prevent the foreigners from carrying or transmitting surveying and mapping results involving
State secretes out of the country’s territory. We shall enhance the supervision of surveying and mapping activities in cooperation
programs such as on scientific researching, teaching, or travel exploration. The departments such as science and technology, education,
tourism shall straighten out foreign related programs involving surveying and mapping activities which have been approved since this
year, and prohibit foreigners who are not approved by the competent department of administration on surveying and mapping to conduct
any form of surveying and mapping activities within the territory of China. The approved relevant programs involving surveying and
mapping activities shall also undergo complete-process supervision of their surveying and mapping activities so that occurrences
of exceeding the approved range of surveying and mapping can be eradicated. They shall tighten dynamic supervision of surveying and
mapping market. The surveying and mapping department shall control the market accession of surveying and mapping in a strict manner,
set up daily inspection mechanism for surveying and mapping activities, conduct follow-up supervision of foreign related surveying
and mapping activities, tighten examination effort, discover and eradicate illegal surveying and mapping activities in a timely manner.

Stepping up law enforcement to punish severely illegal acts. Where foreigners conduct surveying and mapping in China without approval
or exceeding the approved range , their tools and results of surveying and mapping shall be confiscated pursuant to law by the department
of surveying and mapping, and shall be subject to punishment in line with law. Where people provide foreigners surveying and mapping
results pertaining to State secretes, or people carry surveying and mapping results pertaining to State secretes without approval
out of the country’s territory, the State secrete guarding department shall handle the case pursuant to law. Where websites publish
or transmit surveying and mapping results pertaining to State secretes, the relevant department shall handle the case under the law.
Where the above-mentioned acts violate the State security law or criminal law, the cases shall be transferred to the State security
organs or other judicial organs where the offenders shall be subject to criminal responsibility. In the event that foreign programs
in China involving surveying and mapping fail to be submitted relevant report for approval in line with prescribed procedurals to
the departments of education, science and technology, tourism, they will be ordered to suspend their surveying and mapping activities,
and the case will be transferred to the surveying and mapping department for disposal pursuant to law. If accompanying people, receptionists
find foreigners’unlawful surveying and mapping activities but fail to check them, their relevant business qualifications such as
tour guide, interpreter, and surveying and mapping shall be withdrawn. If the circumstances are serious, they shall be subject to
corresponding legal liabilities. Departments concerned shall carry out the rectification and standardization of geospatial information-data
market order at an early date to guarantee the security of geospatial information-data pursuant to State secretes and intensify the
cracking down of unlawful surveying and mapping conducted in China by foreigners.

Reinforcing publicity and education and disseminating laws and regulations of surveying and mapping.

All departments concerned shall integrate publicity and education of laws and regulations of surveying and mapping with the work of
their respective departments. They shall bring the publicity of Law of Surveying and Mapping into the focus of the Fifth Five-year
Plan of Legal Popularization, expand the coverage of the publicity of Law of Surveying and Mapping by making full use of such Medias
as newspaper, radio, television and internet. They shall also popularize the knowledge of laws and regulations of surveying and mapping
among people in government institutions, villages, communities, schools, enterprises and entity units in order to disseminate laws
and regulations of surveying and mapping and heighten the awareness of conducting surveying and mapping in line with law and of guarding
secretes throughout society. The department of tourism and the State secrete guarding department shall include the administration
of foreigners’surveying and mapping in China into relevant training textbooks, and carry out training through multiple channels and
ways to increase the awareness of State security among administrators in relevant departments, receptionists and accompanying people
including tour guides, interpreters, etc.

Cooperating closely and stressing the implementation

All relevant departments shall attach great importance to tightening administration of foreigners’ surveying and mapping in China
and make good arrangement and deployment for this critical work. Meanwhile, they shall enhance coordination and cooperation and establish
information notification, cooperation for investigation, and law case transfer systems at an early date so as to form a working mechanism
of unified supervision, combination between strips and blocks (integration of departments and regions at different levels), and cooperation
at different levels. They shall conscientiously administer foreigners’ surveying and mapping in China to eradicate illegal surveying
and mapping, eliminate the hidden threat to State security and ensure foreigners’ orderly surveying and mapping in China under the
law. In accordance with the spirit of the present circular, all departments concerned shall, through combining the realities of their
respective work, formulate specific implementation opinions and do a good job in implementation.

The State Bureau of Surveying and Mapping

The Ministry of Education

The Ministry of Science and Technology

The Ministry of State Security

the General Administration of Customs

the National Tourism Administration

the National Administration for the Protection of State Secrets

August 4 2006

The State Bureau of Surveying and Mapping, the Ministry of Education, the Ministry of Science and Technology, the Ministry
of State Security, the General Administration of Customs, the National Tourism Administration,, the National Administration for the
Protection of State Secrets
2006-08-04

CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION ON ACCEPTANCE OF THE VOLUNTARY FILE OF TAX RETURNS BY THE TAXPAYERS WITH AN ANNUAL INCOME OF 120,000 YUAN OR MORE

Circular of the State Administration of Taxation on Acceptance of the Voluntary File of Tax Returns by the Taxpayers with an Annual
Income of 120,000 Yuan or More

Guo Shui Fa [2006] No. 164

The state taxation bureaus and local taxation bureaus of all provinces, autonomous regions, municipalities directly under the Central
Government and cities specifically designated in the state plan:

For the purpose of implementing the Law on Individual Income Tax and the Regulation for the Implementation of the Law on Individual
Income Tax as well as the Measures for the Voluntary File of Individual Income Tax Returns (for Trial Implementation, and hereinafter
referred to as this Measures), we hereby notify the relevant issues on the acceptance of the voluntary file of tax returns by the
taxpayers with an annual income of 120,000 yuan or more as follows:

Achieving unity in thinking, advancing understanding, and fully realizing the significance of voluntary file of tax returns.

The voluntary file of tax returns by taxpayers is a way of collecting individual income taxes in China, as well as a universal practice
of all other countries in the world. To enlarge the scope of voluntary file of individual tax returns is an important content for
the revision of the Law on Individual Income Tax in 2005. The Law on Individual Income Tax as revised adds the content that the taxpayers
“with an annual income of 120,000 yuan or more” and those “under other circumstances as prescribed by the State Council” shall file
tax returns voluntarily to the tax authority. The enlargement of the scope of voluntary file of individual tax returns is instrumental
in developing the faithful taxation sense of taxpayers, clarifying the legal liabilities of taxpayers, and enhancing the compliance
of tax law; it is beneficial to the tax authority to strengthen the administration of tax sources and enhance the adjustment of high-income
groups; it facilitates strengthening analysis and comparison, and further boosting the scientific and refined administration of individual
income tax; and it is also advantageous for creating conditions and accumulating experiences for further transition to the tax system
combined integration with classification.

To enlarge the scope of voluntary file of individual tax returns is a completely new job, and involves the immediate interests of
the vast taxpayers. New requirements are brought forward to the tax authority in terms of personnel, management, technology, and
equipment, and etc. Therefore, the tax authorities at all levels shall, in view of constructing a harmonious socialist society, implementing
the scientific concept of development, perfecting tax payment services, improving the taxation sense of citizens and strengthening
the tax collection, fully understand the importance of the administration of voluntary file of individual income tax returns by taxpayers,
achieve unity in thinking, enhance understanding and attach great importance.

Strengthening leadership, perfecting measures, and actively and steadily boosting the voluntary file of tax returns.

The voluntary file of individual income tax returns is of high policy-related, high demanding, complexity in operation and large workload.
Particularly, the enlargement of the scope of voluntary file of tax returns and the addition of the provisions on annual voluntary
file of tax returns by the taxpayers with an annual income of 120,000 yuan or more have set new and higher requirements for the voluntary
file of tax returns. The annual voluntary file of tax returns by the taxpayers with an annual income of 120,000 yuan or more is a
kind of integrated tax returns on the basis of current itemized tax system, and is different from the former kind of voluntary file
of tax returns in the aspects of nature, contents and forms, and these two kinds of voluntary file of tax returns have their respective
emphasis but also overlap with each other. Thereby, the relationship of the said two kinds of voluntary file of tax returns shall
be dealt correctly and different pertinent measures shall be separately adopted for the said two kinds of voluntary file of tax returns.
Presently, the emphasis shall be put on the annual voluntary file of tax returns by the taxpayers with an annual income of 120,000
yuan or more, and on the earnest implementation of leadership in this work. As to the voluntary file of tax returns by the taxpayers
with an annual income of 120,000 yuan or more from 2007, it is necessary to carefully analyze all links of work required for tax
returns, forecast possible problems and difficulties, bring forward preliminary schemes and measures for dealing with problems and
difficulties, conduct careful organization and arrangement, and actively and stably promote the job.

Enhancing propaganda, strengthening tutorship, and laying a good foundation for voluntary file of tax returns

The tax authorities at all levels shall emphasize the publicity on the relevant issues about voluntary file of tax returns by the
taxpayers with an annual income of 120,000 yuan or more in various forms and by various means. Primarily, they shall promptly organize
the relevant personnel for tax administration, collection administration and information, and etc., to study the Measures and understand
the ideas prescribed in the Measures; And then, they shall, by means of trainings, symposia, arrangement of talks, printing of explaining
materials, and etc., strengthen the training and tutorship to taxpayers, so as to let taxpayers grasp such matters as the contents,
places, time and procedures, and etc. for voluntary file of tax returns, particularly, to make the taxpayers liable for voluntary
file of tax returns of their own statutory obligations, the methods and procedures for performing obligations, their rights as well
as the legal liabilities for failing to perform such obligations.

Organizing carefully, optimizing service, and ensuring smooth operation of the voluntary file of tax returns

The tax authorities at all levels, especially the grass-roots tax authorities for directly contacting with taxpayers, shall further
enhance the service awareness, provide various kinds of services for the voluntary file of tax returns by the taxpayers with an annual
income of 120,000 yuan or more, and try to facilitate the taxpayers in terms of publicizing and explaining policies, accepting tax
returns efficiently, and handling formalities for making up the underpaid taxes and giving tax rebates in a timely manner. The year
of 2007 is the first year for accepting the voluntary file of tax returns by the taxpayers with an annual income of 120,000 yuan
or more, and the tax authorities of all regions shall carefully do various jobs as follows.

(1)

Before December 10, 2006, the Individual Income Tax Return (For the taxpayers with an annual income of 120,000 yuan or more) shall
be extend to a convenient site that taxpayers can easily get and use, for instance, uploaded onto the website of the tax authority,
placed on the tax service hall, sent to the entities with many high-income individuals;

(2)

Within the term for filing tax returns in the first quarter of 2007, the tax authorities for acceptance of file of tax returns shall
make full and good preparations for the acceptance of tax return. The tax service hall for acceptance of file of tax returns shall
establish a special window for the acceptance of voluntary file of tax returns by the taxpayers with an annual income of 120,000
yuan or more, or provide service for easy and efficient acceptance of tax returns to facilitate the submission of the tax returns
by taxpayers. A region that expects a large number of individuals that need to make declarations shall reduce the number of individuals
that make direct declarations at the tax service hall by all means, such as promoting the network-based file of tax returns and filing
tax returns by mail, and etc.

(3)

The tax service hall for the acceptance of tax returns filed by the taxpayers with an annual income of 120,000 yuan or more shall
set up a special window for accepting the file of tax returns for making up the underpaid taxes so as to provide fast and convenient
service for it.

(4)

The tax authority with computerized means shall, in accordance with the ideas prescribed by the Measures, pay attention to business
demands, adjust and perfect the tax collection management software for acceptance of the file of tax returns, and make full use of
computerized means to ensure the smooth file of tax returns by the taxpayers with an annual income of 120,000 yuan or more.

(5)

After the term for the file of tax returns is over, the tax authorities of all regions shall establish archives for the materials
on voluntary file of tax returns by the taxpayers with an annual income of 120,000 yuan or more, which shall be sorted out, compared,
and analyzed, and shall be taken a dynamic administration thereof.

All regions shall, upon receipt of this Circular, promptly carry out the ideas prescribed in this Circular, take measures to earnestly
implement it; and shall find and solve the problems encountered in the implementation thereof in a timely manner, and report the
relevant matters to the State Administration of Taxation.

The State Administration of Taxation

November 6, 2006

The State Administration of Taxation
2006-11-06

CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION ON RELEVANT OPERATIONAL ISSUES CONCERNING THE INCOME TAX OF FINANCIAL AND INSURANCE ENTERPRISES

The State Administration of Taxation

Circular of the State Administration of Taxation on Relevant Operational Issues Concerning the Income Tax of Financial and Insurance
Enterprises

GuoShuiHan[2002] No.960

November 7, 2002

The state tax bureaus of the provinces, autonomous regions, municipalities directly under the Central Government, and municipalities
separately listed on the State plan:

In order to enhance the risk-resisting capacity of financial enterprises, to promote financial enterprises to develop soundly, and
in light of the problems concerning collection of enterprise income tax reported by the localities, several policy issues concerning
financial and insurance enterprises are hereby further clarified as follows:

Disposition of the income tax on loan interest income of financial enterprises

For the loans granted by financial enterprises, the interests shall be computed on time and be included in the current taxable income.
If a loan hasn’t been repaid within 90 days after maturity (including the extension, hereinafter the same), the receivable interests
not collected that occurred before that period (including the 90 days) shall be included in the current taxable income pursuant to
the provisions; and the receivable interests not collected that occur thereafter shall not be included in the current taxable income
until they have been actually collected.

If the receivable interests not collected which have been included in the taxable income or for which the enterprise income tax has
been paid already are not recovered within 90 days after maturity (not including the 90 days), the amount may be off-set in the current
taxable income.

II.

Deduction of the commission expenditures of salesmen of insurance enterprises before taxation

Insurance enterprises should include the taxable premium income and pay the business income tax in accordance with the total premium
income of the insurance contract. The commission paid by the insurance enterprise must not eat up part of premium income directly.

For the commission expenditures of insurance enterprises, 5% of the total premium income from sales within the valid term of the insurance
contracts shall be deducted before taxation on the basis of legal vouchers within 5 years from the day of issuance of the policy;
the commission expenditures for the cancelled insurance may not be deducted before taxation. An insurance enterprise shall faithfully
provide the local tax authority with the commission computation and distribution statements and other relevant materials of the current
year.

III.

This Circular shall enter into force as of the day of promulgation. No tax refund will be granted for those that have been dealt with
pursuant to the relevant provisions previously, and these provisions shall be followed in the tax handling of those not handled.

The State Administration of Taxation
2002-11-07

THE CONSTITUTION OF THE PEOPLE’S REPUBLIC OF CHINA

The Constitution of the People’s Republic of China

(Adopted at the Fifth Session of the Fifth National People’s Congress on December 4, 1982 and promulgated by the National People’s
Congress on December 4, 1982 , According to the amendments to the Constitution of the People’s Republic of China adapted at the first
session of the seventh National People’s Congress on April 12, 1988, the amendments to the Constitution of the People’s Republic
of China adapted at the first session of the eighth National People’s Congress on march 29, 1993, the amendments to the Constitution
of the People’s Republic of China adapted at the second session of the ninth National People’s Congress on march 15, 1999, the amendments
to the Constitution of the People’s Republic of China adapted at the second session of the eighth National People’s Congress on march
14, 2004)

Contents
Preamble

Chapter I General Principle

Chapter II The Fundmental Rights and Duties of Citizens

Chapter III The Structure of the State

Section 1 The National people’s Congress

Section 2 The President of the People’s Republic of China

Section 3 The State Council

Section 4 The Central Millitary Commision

Section 5 The Local People’s Congress and Local People’s Governments at Various Levels

Section 6 The Organs of Self-government of National Autonomous Areas

Section 7 The People’s Courts and The People’s Procuratorates Chapter IV The National Flag, the National Anthem, the National Emblem
and the Capital
Preamble

China is a country with one of the longest histories in the world. The people of all of China’s nationalities have jointly created
a culture of grandeur and have a glorious revolutionary tradition.

After 1840, feudal China was gradually turned into a semi-colonial and semi-feudal country. The Chinese people waged many successive
heroic struggles for national independence and liberation and for democracy and freedom.

Great and earthshaking historical changes have taken place in China in the 20th century.

The Revolution of 1911, led by Dr. Sun Yat-sen, abolished the feudal monarchy and gave birth to the Republic of China. But the historic
mission of the Chinese people to overthrow imperialism and feudalism remained unaccomplished.

After waging protracted and arduous struggles, armed and otherwise, along a zigzag course, the Chinese people of all nationalities
led by the Communist Party of China with Chairman Mao Zedong as its leader ultimately,in 1949, overthrew the rule of imperialism,feudalism
and bureaucrat-capitalism, won a great victory in the New-Democratic Revolution and founded the People’s Republic of China. Since
then the Chinese people have taken control of state power and become masters of the country.

After the founding of the People’s Republic,China gradually achieved its transition from a New-Democratic to a socialist society.
The socialist transformation of the private ownership of the means of production has been completed, the system of exploitation of
man by man abolished and the socialist system established. The people’s democratic dictatorship led by the working class and based
on the alliance of workers and peasants, which is in essence the dictatorship of the proletariat, has been consolidated and developed.
The Chinese people and the Chinese People’s Liberation Army have defeated imperialist and hegemonist aggression, sabotage and armed
provocations and have thereby safeguarded China’s national independence and security and strengthened its national defence. Major
successes have been achieved in economic development. An independent and relatively comprehensive socialist system of industry has
basically been established. There has been a marked increase in agricultural production. Significant advances have been made in educational,
scientific and cultural undertakings, while education in socialist ideology has produced noteworthy results. The life of the people
has improved considerably.

Both the victory in China’s New-Democratic Revolution and the successes in its socialist cause have been achieved by the Chinese people
of all nationalities, under the leadership of the Communist Party of China and guidance of Marxism-Leninism and Mao Zedong Thought,
by upholding truth, correcting errors and surmounting numerous difficulties and hardships. China will be in the primary stage of
socialism for a long time to come. The basic task of the nation is to concentrate its effort on socialist modernization along the
socialist road with Chinese characteristics. Under the leadership of the Communist Party of China and the guidance of Marxism-Leninism,
Mao Zedong Thought, Deng Xiaoping Theory and the important thought of ‘Three Represents’, the Chinese people of all nationalities
will continue to adhere to the people’s democratic dictatorship and the socialist road, persevere in reform and opening to the outside
world, steadily improve various socialist institutions, develop the socialist market economy, develop socialist democracy, improve
the socialist legal system and work hard and self-dependently to modernize the country’s industry, agriculture, national defense
and science and technology step by step, and to promote the coordinated development of material civilization, political civilization
and spiritual civilization to build China into a socialist country that is prosperous, powerful, democratic and culturally advanced.

The exploiting classes as such have been abolished in our country. However, class struggle will continue to exist within certain bounds
for a long time to come. The Chinese people must fight against those forces and elements, both at home and abroad, that are hostile
to China’s socialist system and try to undermine it.

Taiwan is part of the sacred territory of the People’s Republic of China. It is the inviolable duty of all Chinese people, including
our compatriots in Taiwan, to accomplish the great task of reunifying the motherland.

In building socialism it is essential to rely on workers, peasants and intellectuals and to unite all forces that can be united. In
the long years of revolution and construction, there has been formed under the leadership of the Communist Party of China a broad
patriotic united front that is composed of democratic parties and people’s organizations, embracing all socialist working people,
builders of the socialist cause, all patriots who support socialism and all patriots who stand for reunification of the motherland.
This united front will continue to be consolidated and developed. The Chinese People’s Political Consultative Conference, a broadly
based representative organization of the united front which has played a significant historical role, will play a still more important
role in the country’s political and social life, in promoting friendship with other countries and in the struggle for socialist modernization
and for the reunification and unity of the country. The system of the multi- party cooperation and political consultation led by
the Communist Party of CHina will exist and develop for a long time.

The People’s Republic of China is a unitary multi-national state created jointly by the people of all its nationalities. Socialist
relations of equality, unity and mutual assistance have been established among the nationalities and will continue to be strengthened.
In the struggle to safeguard the unity of the nationalities, it is necessary to combat big-nation chauvinism, mainly Han chauvinism,
and to combat local national chauvinism. The state will do its utmost to promote the common prosperity of all the nationalities.

China’s achievements in revolution and construction are inseparable from the support of the people of the world. The future of China
is closely linked to the future of the world. China consistently carries out an independent foreign policy and adheres to the five
principles of mutual respect for sovereignty and territorial integrity, mutual non-aggression, non-interference in each other’s internal
affairs, equality and mutual benefit, and peaceful coexistence in developing diplomatic relations and economic and cultural exchanges
with other countries. China consistently opposes imperialism, hegemonism and colonialism, works to strengthen unity with the people
of other countries, supports the oppressed nations and the developing countries in their just struggle to win and preserve national
independence and develop their national economies, and strives to safeguard world peace and promote the cause of human progress.
This Constitution, in legal form, affirms the achievements of the struggles of the Chinese peopl

e of all nationalities and defines the basic system and basic tasks of the state; it is the fundamental law of the state and has
supreme legal authority. The people of all nationalities, all state organs, the armed forces, all political parties and public organizations
and all enterprises and institutions in the country must take the Constitution as the basic standard of conduct, and they have the
duty to uphold the dignity of the Constitution and ensure its implementation.
Chapter I General Principle

Article 1

The People’s Republic of China is a socialist state under the people’s democratic dictatorship led by the working class and based
on the alliance of workers and peasants.

The socialist system is the basic system of the People’s Republic of China. Disruption of the socialist system by any organization
or individual is prohibited.

Article 2

All power in the People’s Republic of China belongs to the people.

The National People’s Congress and the local people’s congresses at various levels are the organs through which the people exercise
state power.

The people administer state affairs and manage economic, cultural and social affairs through various channels and in various ways
in accordance with the law.

Article 3

The state organs of the People’s Republic of China apply the principle of democratic centralism.

The National People’s Congress and the local people’s congresses at various levels are constituted through democratic elections. They
are responsible to the people and subject to their supervision.

All administrative, judicial and procuratorial organs of the state are created by the people’s congresses to which they are responsible
and by which they are supervised.

The division of functions and powers between the central and local state organs is guided by the principle of giving full scope to
the initiative and enthusiasm of the local authorities under the unified leadership of the central authorities.

Article 4

All nationalities in the People’s Republic of China are equal. The state protects the lawful rights and interests of the minority
nationalities and upholds and develops a relationship of equality, unity and mutual assistance among all of China’s nationalities.
Discrimination against and oppression of any nationality are prohibited; any act which undermines the unity of the nationalities
or instigates division is prohibited.

The state assists areas inhabited by minority nationalities in accelerating their economic and cultural development according to the
characteristics and needs of the various minority nationalities.

Regional autonomy is practiced in areas where people of minority nationalities live in concentrated communities; in these areas organs
of self-government are established to exercise the power of autonomy. All national autonomous areas are integral parts of the People’s
Republic of China.

All nationalities have the freedom to use and develop their own spoken and written languages and to preserve or reform their own folkways
and customs.

Article 5

The state upholds the uniformity and dignity of the socialist legal system.

No laws or administrative or local rules and regulations may contravene the Constitution.

All state organs, the armed forces, all political parties and public organizations and all enterprises and institutions must abide
by the Constitution and the law. All acts in violation of the Constitution or the law must be investigated.

No organization or individual is privileged to be beyond the Constitution or the law.

Article 6

The basis of the socialist economic system of the People’s Republic of China is socialist public ownership of the means of production,
namely, ownership by the whole people and collective ownership by the working people.

The system of socialist public ownership supersedes the system of exploitation of man by man; it applies the principle of ” from each
according to his ability, to each according to his work.”

Article 7

The state-owned economy, namely, the socialist economy under ownership by the whole people, is the leading force in the national
economy. The state ensures the consolidation and growth of the state-owned economy.

Article 8

In rural areas the responsibility system, the main form of which is household contract that links remuneration to output, and other
forms of cooperative economy, such as producers’, supply and marketing, credit and consumers cooperatives, belong to the sector of
socialist economy under collective ownership by the working people. Working people who are members of rural economic collectives
have the right, within the limits prescribed by law, to farm plots of cropland and hilly land allotted for their private use, engage
in household sideline production and raise privately-owned livestock.

The various forms of cooperative economy in the cities and towns, such as those in the handicraft, industrial, building, transport,
commercial and service trades, all belong to the sector of socialist economy under collective ownership by the working people.

The state protects the lawful rights and interests of the urban and rural economic collectives and encourages, guides and helps the
growth of the collective economy.

Article 9

All mineral resources, waters, forests, mountains, grasslands, unreclaimed land, beaches and other natural resources are owned by
the state, that is, by the whole people, with the exception of the forests, mountains, grasslands, unreclaimed land and beaches that
are owned by collectives in accordance with the law.

The state ensures the rational use of natural resources and protects rare animals and plants. Appropriation or damaging of natural
resources by any organization or individual by whatever means is prohibited.

Article 10

Land in the cities is owned by the state.

Land in the rural and suburban areas is owned by collectives except for those portions which belong to the state in accordance with
the law; house sites and privately farmed plots of cropland and hilly land are also owned by collectives.

The state may, for the public interest, expropriate or take over land for public use, and pay compensation in accordance with the
law.

No organization or individual may appropriate, buy, sell or otherwise engage in the transfer of land by unlawful means. The rights
to the use of land may be transferred according to law.

All organizations and individuals using land must ensure its rational use.

Article 11

The individual economy of urban and rural working people, operating within the limits prescribed by law, is a complement to the socialist
public economy. The state protects the lawful rights and interests of the individual economy.

The state protects the lawful rights and interests of the non-public sectors of the economy, including individual and private sectors
of the economy. The state encourages, supports and guides the development of the non-public sectors of the economy, and exercises
supervision and control over the non-public sectors according to law.

The state permits the private sector of the economy to exist and develop within the limits prescribed by law. The private sector of
the economy is a complement to the socialist public economy. The state protects the lawful rights and interests of the private sector
of the economy, and exercises guidance, supervision and control over the private sector of the economy.

Article 12

Socialist public property is inviolable.

The state protects socialist public property. Appropriation or damaging of state or collective property by any organization or individual
by whatever means is prohibited.

Article 13

The lawful private property of citizens may not be encroached upon.

The state protects by law the right of citizens to own private property and the right to inherit private property.

The state may, for the public interest, expropriate or take over private property of citizens for public use, and pay compensation
in accordance with the law.

The state protects according to law the right of citizens to inherit private property.

Article 14

The state continuously raises labour productivity, improves economic results and develops the productive forces by enhancing the
enthusiasm of the working people, raising the level of their technical skill, disseminating advanced science and technology, improving
the systems of economic administration and enterprise operation and management, instituting the socialist system of responsibility
in various forms and improving the organization of work.

The state practises strict economy and combats waste.

The state properly apportions accumulation and consumption, concerns itself with the interests of the collective and the individual
as well as of the state and, on the basis of expanded production, gradually improves the material and cultural life of the people.

The state establishes and improves the social security system fitting in with the level of economic development.

Article 15

The state practises socialist market economy.

The state strengthens economic legislation, improves macro-regulation and control.

The state prohibits in accordance with the law any organization or individual from disturbing the socia-economic order.

Article 16

State-owned enterprises have decision-making power with regard to their operation within the limits prescribed by law.

State-owned enterprises practise democratic management through congresses of workers and staff and in other ways in accordance with
the law.

Article 17

Collective economic organizations have decision- making power in conducting independent economic activities, on condition that they
abide by the relevant laws.

Collective economic organizations practise democratic management in accordance with the law, elect or remove their managerial personnel
and decides on major issues concerning operation and management.

Article 18

The People’s Republic of China permits foreign enterprises, other foreign economic organizations and individual foreigners to invest
in China and to enter into various forms of economic cooperation with Chinese enterprises and other Chinese economic organizations
in accordance with the law of the People’s Republic of China.

All foreign enterprises, other foreign economic organizations as well as Chinese-foreign joint ventures within Chinese territory shall
abide by the law of the People’s Republic of China. Their lawful rights and interests are protected by the law of the People’s Republic
of China.

Article 19

The state undertakes the development of socialist education and works to raise the scientific and cultural level of the whole nation.

The state establishes and administers schools of various types, universalizes compulsory primary education and promotes secondary,
vocational and higher education as well as preschool education.

The state develops educational facilities in order to eliminate illiteracy and provide political, scientific, technical and professional
education as well as general education for workers, peasants, state functionaries and other working people. It encourages people
to become educated through independent study.

The state encourages the collective economic organizations, state enterprises and institutions and other sectors of society to establish
educational institutions of various types in accordance with the law.

The state promotes the nationwide use of Putonghua (common speech based on Beijing pronunciation).

Article 20

The state promotes the development of the natural and social sciences, disseminates knowledge of science and technology, and commends
and rewards achievements in scientific research as well as technological innovations and inventions.

Article 21

The state develops medical and health services, promotes modern medicine and traditional Chinese medicine, encourages and supports
the setting up of various medical and health facilities by the rural economic collectives, state enterprises and institutions and
neighborhood organizations, and promotes health and sanitation activities of a mass character, all for the protection of the people’s
health.

The state develops physical culture and promotes mass sports activities to improve the people’s physical fitness.

Article 22

The state promotes the development of art and literature, the press, radio and television broadcasting, publishing and distribution
services, libraries, museums, cultural centres and other cultural undertakings that serve the people and socialism, and it sponsors
mass cultural activities.

The state protects sites of scenic and historical interest, valuable cultural monuments and relics and other significant items of
China’s historical and cultural heritage.

Article 23

The state trains specialized personnel in all fields who serve socialism, expands the ranks of intellectuals and creates conditions
to give full scope to their role in socialist modernization.

Article 24

The state strengthens the building of a socialist society with an advanced culture and ideology by promoting education in high ideals,
ethics, general knowledge, discipline and legality, and by promoting the formulation and observance of rules of conduct and common
pledges by various sections of the people in urban and rural areas.

The state advocates the civic virtues of love of the motherland, of the people, of labour, of science and of socialism. It conducts
education among the people in patriotism and collectivism, in internationalism and communism and in dialectical and historical materialism,
to combat capitalist, feudal and other decadent ideas.

Article 25

The state promotes family planning so that population growth may fit the plans for economic and social development.

Article 26

The state protects and improves the environment in which people live and the ecological environment. It prevents and controls pollution
and other public hazards.

The state organizes and encourages afforestation and the protection of forests.

Article 27

All state organs carry out the principle of simple and efficient administration, the system of responsibility for work and the system
of training functionaries and appraising their performance in order constantly to improve the quality of work and efficiency and
combat bureaucratism.

All state organs and functionaries must rely on the support of the people, keep in close touch with them, heed their opinions and
suggestions, accept their supervision and do their best to serve them.

Article 28

The state maintains public order and suppresses treasonable and other counter-revolutionary activities; it penalizes criminal activities
that endanger public security and disrupt the socialist economy as well as other criminal activities; and it punishes and reforms
criminals.

Article 29

The armed forces of the People’s Republic of China belong to the people. Their tasks are to strengthen national defence, resist aggression,
defend the motherland, safeguard the people’s peaceful labour, participate in national reconstruction and do their best to serve
the people.

The state strengthens the revolutionization, modernization and regularization of the armed forces in order to increase national defence
capability.

Article 30

The administrative division of the People’s Republic of China is as follows:

(1)

The country is divided into provinces, autonomous regions and municipalities directly under the Central Government;

(2)

Provinces and autonomous regions are divided into autonomous prefectures, counties, autonomous counties, and cities;

(3)

Counties and autonomous counties are divided into townships, nationality townships, and towns.

Municipalities directly under the Central Government and other large cities are divided into districts and counties. Autonomous prefectures
are divided into counties, autonomous counties, and cities.

All autonomous regions, autonomous prefectures and autonomous counties are national autonomous areas.

Article 31

The state may establish special administrative regions when necessary. The systems to be instituted in special administrative regions
shall be prescribed by law enacted by the National People’s Congress in the light of specific conditions.

Article 32

The People’s Republic of China protects the lawful rights and interests of foreigners within Chinese territory; foreigners on Chinese
territory must abide by the laws of the People’s Republic of China.

The People’s Republic of China may grant asylum to foreigners who request it for political reasons.

Chapter II The Fundmental Rights and Duties of Citizens

Article 33

All persons holding the nationality of the People’s Republic of China are citizens of the People’s Republic of China.

All citizens of the People’s Republic of China are equal before the law.

The state respects and protects human rights.

Every citizen is enpost_titled to the rights and at the same time must perform the duties prescribed by the Constitution and the law.

Article 34

All citizens of the People’s Republic of China who have reached the age of 18 have the right to vote and stand for election, regardless
of ethnic status, race, sex, occupation, family background, religious belief, education, property status or length of residence,
except persons deprived of political rights according to law.

Article 35

Citizens of the People’s Republic of China enjoy freedom of speech, of the press, of assembly, of association, of procession and
of demonstration.

Article 36

Citizens of the People’s Republic of China enjoy freedom of religious belief.

No state organ, public organization or individual may compel citizens to believe in, or not to believe in, any religion; nor may they
discriminate against citizens who believe in, or do not believe in, any religion.

The state protects normal religious activities. No one may make use of religion to engage in activities that disrupt public order,
impair the health of citizens or interfere with the educational system of the state.

Religious bodies and religious affairs are not subject to any foreign domination.

Article 37

Freedom of the person of citizens of the People’s Republic of China is inviolable.

No citizen may be arrested except with the approval or by decision of a people’s procuratorate or by decision of a people’s court,
and arrests must be made by a public security organ.

Unlawful detention or deprivation or restriction of citizens freedom of the person by other means is prohibited, and unlawful search
of the person of citizens is prohibited.

Article 38

The personal dignity of citizens of the People’s Republic of China is inviolable. Insult, libel, false accusation or false incrimination
directed against citizens by any means is prohibited.

Article 39

The residences of citizens of the People’s Republic of China are inviolable. Unlawful search of, or intrusion into, a citizen’s residence
is prohibited.

Article 40

Freedom and privacy of correspondence of citizens of the People’s Republic of China are protected by law. No organization or individual
may, on any ground, infringe upon citizens freedom and privacy of correspondence, except in cases where, to meet the needs of state
security or of criminal investigation, public security or procuratorial organs are permitted to censor correspondence in accordance
with procedures prescribed by law.

Article 41

Citizens of the People’s Republic of China have the right to criticize and make suggestions regarding any state organ or functionary.
Citizens have the right to make to relevant state organs complaints or charges against, or exposures of, any state organ or functionary
for violation of the law or dereliction of duty; but fabrication or distortion of facts for purposes of libel or false incrimination
is prohibited.

The state organ concerned must deal with complaints, charges or exposures made by citizens in a responsible manner after ascertaining
the facts. No one may suppress such complaints, charges and exposures or retaliate against the citizens making them.

Citizens who have suffered losses as a result of infringement of their civic rights by any state organ or functionary have the right
to compensation in accordance with the law.

Article 42

Citizens of the People’s Republic of China have the right as well as the duty to work.

Through various channels, the state creates conditions for employment, enhances occupational safety and health, improves working conditions
and, on the basis of expanded production, increases remuneration for work and welfare benefits.

Work is a matter of honour for every citizen who is able to work. All working people in state-owned enterprises and in urban and rural
economic collectives should approach their work as the masters of the country that they are. The state promotes socialist labour
emulation, and commends and rewards model and advanced workers. The state encourages citizens to take part in voluntary labour.

The state provides necessary vocational training for citizens before they are employed.

Article 43

Working people in the People’s Republic of China have the right to rest.

The state expands facilities for the rest and recuperation of the working people and prescribes working hours and vacations for workers
and staff.

Article 44

The state applies the system of retirement for workers and staff of enterprises and institutions and for functionaries of organs
of state according to law. The livelihood of retired personnel is ensured by the state and society.

Article 45

Citizens of the People’s Republic of China have the right to material assistance from the state and society when they are old, ill
or disabled. The state develops social insurance, social relief and medical and health services that are required for citizens to
enjoy this right.

The state and society ensure the livelihood of disabled members of the armed forces, provide pensions to the families of martyrs and
give preferential treatment to the families of military personnel.

The state and society help make arrangements for the work, livelihood and education of the blind, deaf-mutes and other handicapped
citizens.

Article 46

Citizens of the People’s Republic of China have the duty as well as the right to receive education.

The state promotes the all-round development of children and young people, morally, intellectually and physically.

Article 47

Citizens of the People’s Republic of China have the freedom to engage in scientific research, literary and artistic creation and
other cultural pursuits. The state encourages and assists creative endeavours conducive to the interests of the people that are made
by citizens engaged in education, science, technology, literature, art and other cultural work.

Article 48

Women in the People’s Republic of China enjoy equal

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THE CONSTITUTION OF THE PEOPLE’S REPUBLIC OF CHINA

CONSTITUTION ACT, 1982 – page 22

CONSTITUTION ACT, 1982 – page 21

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CONSTITUTION ACT, 1982 – page 18

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